Using cloud (opens in new tab) computing to drive revenue is perhaps the biggest opportunity businesses have had, as the cloud has proven itself to be the most significant technology change in the history of computing. Initially adopted for, organizations are now looking to make a strategic shift to really take advantage of most of what the cloud has to offer.
According to SG Analytics, 94 percent of businesses already use some kind of cloud service. In fact, this will only grow, and Gartner predicts that from last year, end-user spending on public cloud services will increase by more than 20 percent, to reach $ 482 billion by the end of 2022.
To take advantage of this, it is essential that businesses approach their cloud adoption journey (and related investment) with a long-term vision in mind. Only then can organizations be assured that their cloud investments will push them toward their business goals. If done right, the cloud will not only be a cost saver, but also a key driver for innovation and increased Return on Investment (ROI).
Generating revenue with the cloud
By enabling digital innovation and providing easy-to-understand insights that help reduce costs, cloud has become an almost guaranteed money saver. However, problems do prevent organizations from maximizing their savings. For example, vendor foreclosure can prevent businesses from achieving the best possible price-to-performance ratio. While lack of control over data (opens in new tab) or infrastructure means that organizations must invest more heavily to meet their specific architectural requirements. Another major problem is waste – many organizations end up investing too much in cloud packages and using only a small portion of the services.
Even after dealing with these issues, organizations that focus only on cutting costs will finally reach the point of no return. They will simply get to the point where it is almost impossible to make additional savings, and returns will decrease.
To ensure both efficiency and profits, companies should adopt a change of perspective. They should look at the cloud as a money maker, rather than a way to save money. For example, by ensuring that all plans are informed through functional insights, new services that generate additional revenue and deliver functional efficiencies can be developed.
Whether it’s significant improvements to the end-user experience or increased innovation, there will be companies that change their perspective that will see the benefits. For example, using a 360-degree view of customers (opens in new tab)it will become possible for organizations to improve business models and develop new intersections for all-channel services.
Get the ball rolling
The first step that organizations need to take is to plan their revenue and examine how these can be best facilitated by technology. Then, it’s time to get creative. The flexibility offered by the cloud means that anything is possible, with almost endless opportunities for continued innovation and service delivery. For example, a cloud could be used to offer easier access to products through a digital marketplace, allowing end users to easily choose their choice. application (opens in new tab). Or, with a cloud, product development can be accelerated, reducing the time to market.
Reframing the cloud as an engine of innovation, the world suddenly opens up. This mindset will prove instrumental to business success and can be taken even further by examining how the cloud interacts with emerging applications such as edge computing, unlocking a whole host of new possibilities.
Take advantage of the potential
With McKinsey estimating that there will be $ 1 trillion in cloud revenue available by 2030, businesses that have embraced this new approach will be in the best place possible to reap the benefits.
For example, telecommunications company BT has leveraged the cloud’s capabilities to quickly cut its time to market new products, meet performance requirements and transform its interactions with customers. This accelerated BT’s sales cycle, with more content and services delivered faster to a larger number of customers, which in turn provided much better. customer experience (opens in new tab). The cloud also ensured low latency and high throughput so that peaks in viewer demand could be maintained at all times. Additional benefits provided by the cloud include the BT system capable of handling a larger number of transactions, ensuring personalized service and cross-device flow.
The future is in the cloud
Cloud will only continue to grow in popularity and if used in the right way it will lead businesses to digital and business success. Businesses can unlock new innovations and revenue streams by turning a cloud into a core focus and treating it as a money-making opportunity. It is with this strategic mindset that organizations can gain a competitive advantage, with greater agility and a clouded positive future.